SBA Communications buys back $12.8 million 10¼% notes

New York, May 6 - SBA Communications Corp. said it has bought back $12.8 million principal amount of its 10¼% senior notes since March 31 at a cost of $12.6 million plus accrued interest.

Following the repurchases, the Boca Raton, Fla., wireless communications infrastructure company has $326.3 million of the notes outstanding.

During the first quarter, SBA bought back or redeemed $65.7 million principal amount of its 12% senior discount notes and repurchased $67.3 million of its 10¼% senior notes. It paid $61.9 million in cash plus accrued interest and issued 1.5 million shares of class A common stock.

"Our cash flow profile continued to improve in the quarter, driven primarily by our actions to retire our high-yield indebtedness and reduce our average cost of debt," said Jeffrey Stoops, president and chief executive officer, in a news release.

"As a result of these and other activities, we have also increased our full year 2004 guidance for cash flow from operating activities. We intend to pursue additional debt retirement or refinancing opportunities to accelerate our expected organic growth in future cash flows."

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